CLOs

  • CLO secondary supply surges

    CLO secondary supply spiked yesterday, with 12 bid-lists reported to be circulating. That increased volume is reflected in SCI's PriceABS BWIC data, which displays 180 CLO line items for the session.

    A comprehensive range of names were being shown yesterday, running the gamut from 2002-vintage paper to deals issued only this year. Bonds came from both the US .......

    Market Reports 19 October 2012

  • CLO analytics strengthened

    Codean has released Codean CLO Analytics version 3.0. The update provides amend-to-extend functionality, as well the ability to model reinvestment in a way that reflects actual asset manager behaviour, the firm says. It also allows users to run portfolio-of-deals analytics and incorporates other new features, such as multiple assumption sets.

    .......

    News Round-up 18 October 2012

  • Sound Harbor makes CLO acquisition

    Sound Harbor Partners will acquire the management contracts on US$2.2bn of leveraged loans held in Aladdin Capital Holdings' Landmark CLO funds. The funds will continue to be managed by William Lutkins and his team.

    Sound Harbor manages the SHP Capital Solutions Fund. The acquisition will further Sound Harbor's objective to grow its investment platform by expanding its client base, investment .......

    Job Swaps 16 October 2012

  • Spanish sovereign ceiling lowered

    S&P has taken various credit rating actions on 116 tranches in 87 Spanish securitisations. The move follows the lowering of its long-term sovereign rating on the Kingdom of Spain to triple-B minus from triple-B plus in light of the country's deteriorating economic conditions.

    Specifically, the agency has: lowered its ratings on 63 tranches in 51 RMBS; lowered its ratings on .......

    News Round-up 12 October 2012

  • Credit opportunities fund minted

    BlueMountain Capital Management has closed the BlueMountain Credit Opportunities Master Fund I, its most recent and largest longer-dated credit fund, with over US$1.4bn in capital commitments. Credit Opportunities I will invest opportunistically to capture the large premium available in more complex and less liquid credit instruments.

    The fund will focus on corporate structured credit, such as CLOs and synthetic CDOs, .......

    News Round-up 11 October 2012

  • CLO manager adds trading vet

    Stan Sokolowski has joined CIFC Corp as senior portfolio manager and head of corporate credit funds management. He was most recently at Lucidus Capital Partners and previously founded the European par and distressed loan trading business in London.

    .......

    Job Swaps 10 October 2012

  • RBC enters CDO space

    Allen Fu has joined RBC Capital Markets in New York. He becomes head of CDO trading, opening up a new line of business for the firm.

    Fu joins from Citigroup, where he also traded CDOs. He will report to Mike Meyer, global head of credit.

    .......

    Job Swaps 10 October 2012

  • CLO fees, performance examined

    Moody's Analytics has published the second study of a two-part series on US CLO management fees (see also SCI 7 September), which analyses correlations between fee structure and deal performance. It finds that senior fees in 2012 transactions have remained in line with 2011 and pre-2008 levels, while subordinate fees have dipped to an average of 29bp, with only 2008 .......

    News 10 October 2012

  • Sub paper sparks feeding frenzy

    Yesterday's session saw a spike in CLO supply, with equity paper in hot demand. Tiering among subordinated notes is in evidence, as SCI's PriceABS BWIC data shows a wide range of covers and talk.

    The highest cover of the session was at 176.27 for WOODS 2006-7X SUB. It was talked yesterday between the low-160s and high-170s, which is .......

    Market Reports 3 October 2012

  • Survey suggests strong CLO technicals

    The results from JPMorgan's latest global CLO client survey suggests that market technicals are likely to remain strong. Responses indicate that the search for yield continues, with spread expectations that are tighter than today's levels.

    For the first time in recent CLO surveys, all respondents cited the lack of supply as their top concern, pushing spread volatility to second place. .......

    News Round-up 2 October 2012

  • REIT debuts CLO

    Arbor Realty Trust has privately placed a US$125m CLO, becoming the first commercial mortgage REIT to tap the sector. Dubbed Arbor CLO 2012-1, the notes are secured by 18 whole loans and A-notes.

    An aggregate of US$87.5m of investment grade debt was issued under the transaction, with Arbor retaining the US$37.5m equity interest. The notes pay an initial weighted average .......

    News Round-up 25 September 2012

  • Heeding the call

    Investors attracted to callable CLO deals

    A swathe of legacy CLOs are approaching their post-reinvestment phase, greatly enhancing the likelihood of deals being called. The possibility of optional redemptions has significant valuation implications.

    CLO transactions can be called by equity investors, so long as they account for a majority of the equity class. That required majority is deal-specific, however.

    "In some deals the necessary majority might .......

    News Analysis 21 September 2012

  • CLO 1.0, 2.0 compared

    The strong new issue US CLO market has sparked debate over the relative value of primary (CLO 2.0) versus legacy (CLO 1.0) deals. A new analysis questions whether the spread pick-up of legacy CLOs is sufficient to compensate for the additional risk of the CLO 1.0 structure for similar ratings profiles.

    CLO strategists at RBS have introduced a CLO relative .......

    News 19 September 2012

  • Affiliate takes on manager's CLO

    Halcyon Loan Investors, an affiliate of the existing collateral manager, has replaced Halcyon Structured Asset Management as collateral manager on Halcyon Structured Asset Management European Long Secured/Short Unsecured CLO 2008-1. Moody's has determined that the assignment and assumption agreement will not cause the current ratings of the notes to be reduced or withdrawn.

    .......

    Job Swaps 18 September 2012

  • Business development md enlisted

    Highland Capital Management Europe has appointed Jess Larsen as business development md. He was most recently at Bank of America Merrill Lynch, where he served as director in its European capital intro team.

    Larsen has previously served as partner and head of sales at VCM Fund Management and at Range Capital. He has also worked for UBS and HSBC.

    .......

    Job Swaps 18 September 2012

  • CLO specialist makes move

    Neil Hamilton is joining Paul Hastings in London as partner. He specialises in CLOs and CDOs and will begin his new role at the start of October.

    Hamilton joins from Clifford Chance. He spent 12 years at the firm, most recently as structured finance partner.

    .......

    Job Swaps 18 September 2012

  • Firm makes client coverage hires

    Oak Hill Advisors has appointed Dalia Cohen as head of investor relations. Eric Storch has also joined the firm as md and will have business development, client coverage and marketing responsibilities.

    Cohen joins from JLL Partners, where she was head of marketing and client coverage. She previously held a similar role at Trimaran Advisors and was also cfo of a .......

    Job Swaps 17 September 2012

  • CLO opportunity fund closed

    Pearl Diver Capital has closed its third CLO opportunity fund, a Guernsey-based private equity-style GP/LP structure. The fund - dubbed Pearl Diver Capital Fund III - closed with US$234.1m in commitments, with the capital locked in over several years.

    The fund will focus its investments primarily on post-2011 US CLOs, targeting majority control positions in equity tranches and potentially junior .......

    News Round-up 14 September 2012

  • Manager transfer blocked

    A proposal to replace Invesco Senior Secured Management with 3i Debt Management Investments as collateral manager on Theseus European CLO has been terminated. Noteholders of the class A1, A2A and A2B notes outstanding were asked in July to consent to a written resolution approving the appointment. The notes will become unblocked, effective from 10 September, following the termination.

    .......

    Job Swaps 13 September 2012

  • CDO vet to lead European expansion

    GreensLedge has expanded its European operations with GreensLedge Capital Markets. It has also appointed John Convery as md and head of European investment banking and Paul Levy as md.

    Convery joins from Deutsche Bank, where he was head of the global CDO business, while Levy joins from UBS, where he was co-head of EMEA FICC structuring. Both will be based .......

    Job Swaps 11 September 2012

  • Leveraged vet joins credit manager

    Tom Newberry has joined CVC Credit Partners as senior md and head of the group's private funds business. He will be based in New York.

    Newberry joins from Credit Suisse, where he was head of global leveraged finance capital markets and syndicated loans. Before that he was at Donaldson, Lufkin & Jenrette as head of US loan capital markets and .......

    Job Swaps 10 September 2012
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